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NEW DELHI: As business activity gathers pace after the opening up of the economy post Covid shutdowns, corporate travel is expected to grow strongly this year, building up on the positive activity of last year.
Corporate travel is expected to rebound with as many as 77% of Indian businesses expecting a rise in their travel budgets in 2023 as compared to last year, according to a survey commissioned by American Express.
For travel expenses, the most common way used by two-thirds of the companies (66%) surveyed were accounts with third-party booking systems.
However, the survey said that most businesses reported using multiple methods, with 61% saying they let employees pay and expense, while 57% providing employees with access to a company credit card. The survey ‘Revival of business travel: An India perspective’ commissioned by American Express, India, with the Centre for Economics and Business Research (Cebr) indicates that 79% of Indian businesses are using business travel data analytics to assist with travel booking and expenditures.
“The sentiment is upbeat for corporate travel in India. While the past two years resulted in a temporary decline in business travel, domestic travel has resumed, and almost surpassed pre-pandemic level. International travel is also picking up and we can expect a sustained recovery.
“With increased average ticket prices expected to remain high in the medium term, Indian companies will be exploring technologies, and should adopt smarter solutions for better cost efficiencies,” said Manish Kapoor, Vice President and Head, Global Commercial Services (GCS), American Express Banking Corp, India.
The survey was conducted amongst over 500 Indian businesses spread across various cities. It focusses on larger businesses, with half of the respondents seeing annual revenues greater than Rs 600 crore. About 82% of the businesses in the survey reported having over 250 employees.
Corporate travel is expected to rebound with as many as 77% of Indian businesses expecting a rise in their travel budgets in 2023 as compared to last year, according to a survey commissioned by American Express.
For travel expenses, the most common way used by two-thirds of the companies (66%) surveyed were accounts with third-party booking systems.
However, the survey said that most businesses reported using multiple methods, with 61% saying they let employees pay and expense, while 57% providing employees with access to a company credit card. The survey ‘Revival of business travel: An India perspective’ commissioned by American Express, India, with the Centre for Economics and Business Research (Cebr) indicates that 79% of Indian businesses are using business travel data analytics to assist with travel booking and expenditures.
“The sentiment is upbeat for corporate travel in India. While the past two years resulted in a temporary decline in business travel, domestic travel has resumed, and almost surpassed pre-pandemic level. International travel is also picking up and we can expect a sustained recovery.
“With increased average ticket prices expected to remain high in the medium term, Indian companies will be exploring technologies, and should adopt smarter solutions for better cost efficiencies,” said Manish Kapoor, Vice President and Head, Global Commercial Services (GCS), American Express Banking Corp, India.
The survey was conducted amongst over 500 Indian businesses spread across various cities. It focusses on larger businesses, with half of the respondents seeing annual revenues greater than Rs 600 crore. About 82% of the businesses in the survey reported having over 250 employees.
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